First time buyer buying in France

sarahterry

Hi,

I'm doing lots of google searches but was wondering if anyone can give some advice? I'd like to buy my first property but with the house prices continuing to fall and the overall gloom of buying in England, I've decided to buy in France.

What I'm wanting to know is are there any decent recommended brokers I can approach over here who will find me the best type of mortgage (I'm looking at getting a £40k mortgage for a £50k property) or am I best off approaching banks directly?

I've gone onto comparison websites (to find banks directly) but the figures i'm getting aren't very reliable as it doesn't give you the option to select 'buy abroad'.

If anyone has been through this process and can give me any advice, I'd really appreciate it! I know you can get 'no fee' brokers to buy property here but it doesn't seem to be the case with buying abroad as they seem to want introductory fees and completion fees.

Many thanks for any info!

redrosegirlie

There is an overall gloom in the French property market too. The weakenening pound and the poor economy in Europe aren't helping.

My MIL can't sell her Brittany property.

The estate agents charge the buyers huge fees. Best to buy through a notaire.

PasturesNew

France is no better.
http://www.google.co.uk/search?hl=en&q=%22house+price+falls%22+france&meta=

Why France?

They don't make proper chips!

N79

If you go ahead with this (in my view crazy) idea I think you need to start pricing in Euros. A GBP50K house today could easily be worth GBP40K in a few months if the currency rates shift back to their historical norm. Now would be the worst time to export sterling to Europe due the historically low rate of the Euro.

If this is an investment then it is a very risky one. Shifts in the currency markets could easily wipe out any gain in property prices.

jcorbygas

You could try www.mortgagesoverseas.com I dont know whether they charge fees etc but they have been around for a long time.
But, as previous poster said, prices will go down in France as well, and unless you are looking to live in the property it will probably not be a good investment.
We bought in France 6 years ago and luckily would make a good profit even in this market but in hindsight it is a burden and a lot of money tied up unless you live in it permanently.

Good luck in whatever you decide to do.

poppysarah

Gosh fancy that. a First poster answered by a first poster giving their business url.

Krafty

poppysarah wrote: »

Gosh fancy that. a First poster answered by a first poster giving their business url.

You again??? Cynic!!

maninthestreet

Tor_FX wrote: »

I noticed your forum post.

I actually work for an Independent UK FX Company who on average save 3% against UK bank transfers.

The company I work for is www.torfx.com we are regulated by the FSA.

We charge zero fees and zero commission and can guarantee the best exchange rate as we are situated in Cornwall with very low overheads.

If you'd like some advice then email me [EMAIL="ian.cragg@torfx.com"]ian.cragg@torfx.com[/EMAIL] and we can go through your requirements.

Kind Regards

Ian Cragg

Tel; 01736 335292

I don't think you are allowed to tout for business on this site

hethmar

Why on earth would a ftb be looking in France? Long damn commute.

Yep, another bit of business promotion going on here. Remember the recent one where the 1st time poster had just sold his house and was living a life of ease in a mobile home site in Spain? pmsl

AlanG_3

sarahterry wrote: »

Hi,

I'm doing lots of google searches but was wondering if anyone can give some advice? I'd like to buy my first property but with the house prices continuing to fall and the overall gloom of buying in England, I've decided to buy in France.

What I'm wanting to know is are there any decent recommended brokers I can approach over here who will find me the best type of mortgage (I'm looking at getting a £40k mortgage for a £50k property) or am I best off approaching banks directly?

I've gone onto comparison websites (to find banks directly) but the figures i'm getting aren't very reliable as it doesn't give you the option to select 'buy abroad'.

If anyone has been through this process and can give me any advice, I'd really appreciate it! I know you can get 'no fee' brokers to buy property here but it doesn't seem to be the case with buying abroad as they seem to want introductory fees and completion fees.

Many thanks for any info!

For mortgage brokers have a look in the French property magazine adverts. They charge a fee , on success , but can be useful for help.(as the below shows)

A word of advice re French mortgages.
This is how it was in 2004 , dont know if any different these days.
Whatever you do make sure you had no trouble with any French bank you have/had an account with. Even a small 2 figure overdraft *will make you inelegible for a French mortgage. If that is the case you will have to speak to your bank and ask them to change your black mark at the Bank of France. * overdrafts are/were serious in France.

For prices and things see here.
http://www.paris.notaires.fr

Alan